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Realty by JoElla (of Better Properties Brokerage) Announcement: I have accepted a Realty Specialist position with the Dept. of Veterans Affairs which required me to inactivate my real estate broker license to avoid conflicts of interest. This is a bitter sweet move, because I love shopping for real estate for my clients, but this new opportunity was too great to pass up! I want to thank all my clients for trusting me to help them attain their home ownership dreams!!!

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Have you heard the rumor that a new real estate sales tax was created to help fund the health care plan targeting high wage earners?

Turns out this rumor has just enough truth in it to create chaos. Reality is the majority of people won’t be effected by it, including some high wage earners.

The new “Medicare tax” will affect real estate sellers who would already be taxed on capital gains under current tax laws. It adds to the current capital gains tax IF your adjusted gross income is over $200,000 / $250,000 (filing individually or jointly). If you sell your primary residence, you still have your existing capital gains tax exemption. (So far they haven’t taken that away from us.) For those selling second homes and investment properties, the tax will only be applied to the amount of gain realized.

Click here to read The National Association of Realtors FAQ on this rumor.

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I’ve heard several media reports that right now it is better to rent than to own in many areas, including the Pacific NW.

I struggle with this information for the following reasons…

Interest rates are LOW right now. Why risk rates going up in the future?

Home prices are low. If you have time to play the short sale waiting game, there are some excellent short sale deals on the market right NOW!

Rent is not fixed. Rent may be low today, but remember a landlord CAN increase your rent in the future.

Ask yourself…

Who really benefits when investors buy up all the short sales?

Have you considered the fact that overall home prices go up when investors buy, fix and sell homes for a profit?

Why should I let investors buy houses at a low price so they can turn around and rent them to me for a profit?

If you’re worried about unexpected home repairs that come with home ownership vs. the convenience of calling a landlord to fix things, consider buying a Home Warranty when you purchase your home. A Home Warranty typically covers systems (heating, plumbing, electrical) and appliances within a home. Structural issues (walls, floors, windows, roof) typically are not covered with a Home Warranty.

Don’t let investors buy your dream home!

Remember, there are tax advantages to home ownership for the owner occupied buyer (you) and the investor.

I recommend investing in your own dream home NOW!

Contrary to what many believe, home ARE selling fast. Start shopping the home market today…

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The housing inventory (homes for sale) is currently at 6.6 months, which matches April’s housing inventory. The peak of our inventory was 18.6 months back in Feb 2009. Inventory is calculated by dividing the active listings at the end of the month by the number of closed sales for that month.

The average home sale price is down 3% and the median sale price is down 5.4%. Not bad when compared to other parts of the country.

The time it takes to sell a home is down 36.1% compared to May, 2009 stats. This lower number could have something to do with the first time home buyer tax credit that recently expired on April 30, 2010. Total market time to sell a home for 2010 is down 19.7% from 2009 statistics.

Interest rates are still incredibly low. If you’re considering selling your home in the near future and you price your house right, the chances of it selling are high. If you want to buy a home, I highly recommend you talk to a lender first to verify you qualify. Once you’re pre-qualified, start watching the market.

These residential statistics are based on monthly figures reported by RMLS™ of which I am a member.